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Posts Tagged ‘Housingwire’

Meet ÖÖD, $50,000 Mirrored PreFab Installs in 8 hours

June 8th, 2017 Comments off

MirroredGlassPreFabOOD50kPreFabModularManufacturedHomeDailyBusinessNewsMHProNewsPrefab goes in disguise with these sleek tiny dwellings from Estonian company ÖÖD. With mirrored glass facades—reminiscent of Portuguese prefabs inspired by minimalist artists—ÖÖD homes blend into their surroundings, appearing especially sublime in rural or natural landscapes,” crows Curbed.

Designboom sings, “ÖÖD promises that in eight hours anyone can build up their own pre-fabricated house or even start an accommodation business similar to AirBnB. The concept, born in Estonia, introduces the ÖÖD house / hotel room as a well-designed, mini dwelling offering a compact but comfortable 200 square feet space composed of a bed, kitchenette and bathroom.”

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Treehugger trumpets, “Mirrored glass prefab from ÖÖD is an instant AirBnB.”

Meet ÖÖD, $50,000 Estonian Mirrored PreFab

The unit is designed to be a hotel room type of structure. With stylish mirrored glass, and iconic styling that oozes class, the units are a cool $250 per square foot, so no threat to HUD Code manufactured homes most aggressive price point.

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Photo credits, Curbed, ÖÖD.

ÖÖD is another reminder, though, that the media croons over prefab, tiny houses and even pricey prefabs.  In a recent report, we noted that CNN favorably touted modular and prefab homes.

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Photo credits, Curbed, ÖÖD.

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Photo credits, Curbed, ÖÖD.

Some industry pros might wonder…where’s the love for manufactured homes?

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Photo credits, Curbed, ÖÖD.

Love for the HUD Code’s manufactured homes is out there, increasingly, to be sure – as MHLivingNews routinely reports.  But there’s more downer stories than positive ones, a fact the industry’s professionals must routinely respond to as they arise.

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Given the U.S. affordable housing crisis, the home above at about 1/5 of the cost per square foot of an OOD, this home and its value looks pretty amazing, doesn’t it?

But the hunger and thirst for stylish, affordable factory built homes is there for those in the HUD Code industry – and other parts of factory built housing – for all of those with the eyes to see. ##

(Image credits are as shown above, and when provided by third parties, are provided under fair use guidelines).

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News on MHProNews.com.

Will Dr. Carson’s June Forum Promote Manufactured Housing?

May 30th, 2017 Comments off
creditsHUDPatriotNewsDaily-postedtothedailybusinessnewsmhpronewsmhlivingnews

A HUD forum on housing is scheduled for June 1st. Credits: HUD, Patriot News Daily.

The office of U.S. Housing and Urban Development (HUD) Secretary Ben Carson, has announced a homeownership forum at its Washington D.C. headquarters scheduled for June 1st.

June is officially National Home Ownership month, focused on the impact that owning a home has on household wealth, stability of neighborhoods, and the broader economic health of the nation.

According to HousingWire, the theme for this year’s homeownership month is “Finding Your Place in a New Era of Homeownership,” and the forum is scheduled to begin on June 1st at 2pm Eastern.

Moderated by CNBC Real Estate Reporter Diana Olick, and featuring a group of expert panelists, HUD says it “will examine how the nation’s housing crisis is affecting consumer attitudes, especially for the growing population of millennials attempting to enter the market.”

 

Huge Opportunities for Manufactured Housing

In January, Secretary Carson showed a keen understanding of the opportunity that manufactured housing provides – quality, affordable housing and the American Dream being in reach for millions.

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Senator Dean Heller. Official photo.

When asked by Senator Dean Heller (R-NV) to describe, in writing, his view of the role of manufactured housing in the provision of affordable housing in rural areas, Carson had this response.

I do see manufactured housing playing an important role in providing affordable housing in rural areas. I think it’s important to ensure HUD’s policies promote access to this valuable resource,” said Carson.

This response came on the heels of a very personal, impassioned letter from MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach.

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L A ‘Tony’ Kovach, credit, MHVillage.

Let me begin by congratulating you and President-elect Donald J. Trump. By way of introduction, like youmy truly better half and I publicly supported Mr. Trump’s candidacy consistently against the many deceptive and even vicious tactics used by his opponents,” said Kovach.

You know what discrimination is and how it works. Most use the word discrimination in racial terms, which those enlightened by a proper understanding of the Word know is wrong. For the purposes of your upcoming role at HUD, let’s focus on the following aspect of the dictionary.com definition of discrimination:

…’treatment or consideration of, or making a distinction in favor of or against, a person or thing based on the group, class, or category to which that person or thing belongs rather than on individual merit.’

Discrimination, as you know, is often caused by ignorance.”

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Credit: MHLivingNews.

As Daily Business News readers are already aware, stifling regulations, government red tape and stereotypes about manufactured housing have led to a bottle neck that keeps the industry from effectively solving the problem of quality, affordable housing for many Americans.

There’s now real hope that Secretary Carson, with his keen understanding, can change that.

Millions today are trapped in poverty,” Kovach continued.  “As you stated months ago, the federal government often misuses resources that if left in the hands of ‘We, the People’ could be used far more effectively. But it will take time and effort to move giant bureaucracies – such as HUD – and millions back to the proper limits of law.”

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Credits: MHLivingNews, Sunshine Homes.

Billions of dollars annually are squandered by HUD for housing programs that long-term are unsustainable. Yet millions from all backgrounds have been hooked – so to speak, on those programs – which tends to trap and thus limit their human potential,” said Kovach.

 

MHARR President and CEO Mark Weiss, JD, also commented on the tremendous potential that Secretary Carson brings to the role.

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Mark Weiss. Credit: MHProNews.

MHARR congratulates Dr. Carson on his Senate confirmation to be the Secretary of the U.S. Department of Housing and Urban Development and looks forward to working with him to advance the role, the utilization and the affordability of manufactured housing – which must be federally-regulated because of its fundamentally interstate character — across the entire range of HUD housing and housing finance programs, and beyond,” said Weiss.

Under Dr. Carson’s leadership and in accordance with the mandate of the 2000 reform law, the status and role of the HUD manufactured housing program should be elevated within HUD, while the participation of manufactured housing within all HUD programs, on the same terms and same basis as other types of housing, is ensured.”

Secretary Carson also received the endorsement of four former HUD Secretaries – Henry Cisneros, Mel Martinez, Alphonso Jackson and Steven Preston for the role.

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Then President-elect Donald Trump, left. Dr. Ben Carson, center. Henry Cisneros, right. Image credit, Fox Business.

We write today, from both sides of the political aisle, in support of Dr. Ben Carson’s nomination as Secretary for Housing and Urban Development, a position we have all held,” the letter from the group said.

As secretary, we know that Dr. Carson will learn about what works, develop new innovations, measure outcomes, and achieve real results to improve communities throughout America. We urge the Committee to support Dr. Carson’s confirmation.“

For additional coverage of the nomination of Dr. Ben Carson, click here.

The full endorsement letter from the former secretaries is linked here. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

(Copyright Notice: This and all content on MHProNews and MHLivingNews always have been and are Copyrighted, © 2017 by MHProNews.com a dba of LifeStyle Factory Homes, LLC – All Rights Reserved. No duplication is permitted without specific written permission. Headlines with link-backs are of course ok. A short-quoted clip, with proper attribution and link back to the specific article are also ok – but you must send a notice to iReportMHNewsTips@mhmsm.com of the exact page you’ve placed/posted such a use, once posted.)

First Quarter GDP Numbers Revised – The Verdict

May 30th, 2017 Comments off

Credit: Business Insider.

In another move from the Bureau of Economic Analysis (BEA), the group has revised its estimate for the Q1 real gross domestic product (GDP).

According to HousingWire, the bureau revised its estimate higher, increasing it to an annual rate of 1.2 percent in the first quarter of 2017.

The original estimate from the BEA showed the GDP had increased 0.7 percent.

 

The BEA noted that while it revised its estimate, the general outlook for economic growth remained the same.

Increases in nonresidential fixed investment and in personal consumption expenditures were larger and the decrease in state and local government spending was smaller than previously estimated. These revisions were partly offset by a larger decrease in private inventory investment,” said the report.

The report also cited that U.S. economic growth slowed less sharply in the first quarter than initially thought, and that the weakness was likely an aberration amid a strong labor market that is near full employment.

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Credits: HousingWire, BEA.

The sluggish first-quarter growth pace is, however, probably not a true reflection of the economy’s health,” said CNBC in commentary on the revision.

GDP for the first three months of the year tends to underperform because of difficulties with the calculation of data that the government has acknowledged and is working to resolve.”

 

The Trump Effect?

As the Daily Business News covered in a featured story recently, President Trump continues to make progress for American businesses and jobs, including the lowest unemployment rate in decades.

He enjoys the highest consumer, business confidence, and homebuilder confidence numbers in years.

Along with over $160 billion in ‘immediate’ federal and private business deals with Saudi Arabia, and some $300 billion more planned over the next decade, what ELS Chairman Sam Zell colorfully called a “cacophony” of Deep State resistance has moved into high gear. With a number of politicians, aided by a machine of media allies sets its sights on everything from dismantling his administration to outright calls for impeachment, President Trump continues to stand strong on his America First policies.

It’s SABOTAGE,” said President Trump in a White House press release to MHProNews.

The fake news media is working hand-in-hand with Washington’s corrupt bureaucracy to try to slow and block our America First Agenda.”

The special interests know they can only win when you, the American people, lose,” Trump continued. “But we’re fighting to break the special interest stranglehold around our country that has silenced our citizens, stripped our nation of its wealth, and bled America dry.”

 

The Manufactured Housing Industry Speaks

With President Trump’s election in November, many in the manufactured housing industry saw tremendous value in a pro business, pro growth administration stepping into place.

I don’t care whether you are a liberal, conservative, independent or something else – the bottom line with this year’s election was simply more of the same or something new, different or unique,” said Tim Connor, CSP.

With a personal background in business, rather than government, Mr. Trump – during the just-ended campaign – has been a consistent critic of innovation-stifling and job-killing overregulation and regulators who ignore or rationalize the far-reaching negative impacts of such regulations on the health of the economy, smaller businesses and consumers.” Said MHARR President & CEO Mark Weiss, JD.

For more on President Trump’s progress, and challenges, click here. ##

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

(Copyright Notice: This and all content on MHProNews and MHLivingNews always have been and are Copyrighted, © 2017 by MHProNews.com a dba of LifeStyle Factory Homes, LLC – All Rights Reserved. No duplication is permitted without specific written permission. Headlines with link-backs are of course ok. A short-quoted clip, with proper attribution and link back to the specific article are also ok – but you must send a notice to iReportMHNewsTips@mhmsm.com of the exact page you’ve placed/posted such a use, once posted.)

As Site-Built Housing Market Drifts, Huge Opportunity for MH Rises

May 25th, 2017 Comments off
housingstartsseebiggestgainsintenyearscreditmenofvalue-postedtothedailybusinessnewsmhpronewsmhlivingnews

A site built home in progress. The segment is struggling with cost, demand and time. Credit: Men of Value.

New data from the National Association of Realtors (NAR) shows more proof that the manufactured housing industry stands at the cusp of significant opportunity.

According to HousingWire, existing homes stayed on the market for less time in April than in any month since 2011, but tight inventory drove a decline in existing home sales over March’s record pace.

 

Demand from buyers is still far exceeding the available supply, leading to both the decline in existing home sales and the fact that homes are flying off the market,” said Lawrence Yun, NAR’s chief economist.

USExistingHomesSalesReachHighestLevelinNineYearscreditTheBusinessJournals-postedtothedailybusinessnewsmhpronewsmhlivingnews

Lawrence Yun. Credit: The Business Journals.

The NAR report also shows that homes typically stayed on the market in April for a new record low of 29 days, down from 34 days in March and 39 days in April 2016.

April marks the first time since NAR tracking the time that a home stays on market that the time on market has been less than 30 days. Also of note, 52 percent of homes sold in the month of April were on the market for less than a month, a new high.

Total existing-home sales, which are classified as completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.7 million in March.

Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market,” said Yun.

Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase.”

Yun also shared that that the median existing-home price for all housing types in April was $244,800, up 6% percent from April 2016 ($230,900), and that every major region, minus the Midwest, saw a decline in existing sales.

ManufacturedHousingHighlyEffectiveUrbanInfillcreditCandysDirt-postedtothedailybusinessnewsmhpronewsmhlivingnews

The inside of a Fourleaf Properties manufactured home in Dallas, Texas. Credit: Candy’s Dirt.

Realtors continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale,” said Yun.

Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.”

 

Door Wide Open for Manufactured Housing Industry

The challenges referenced by Yun show a site built housing market that is, by all accounts, upside down. Demand for affordable housing is outstripping supply, keeping those who would otherwise be able to realize the dream of home ownership from doing so.

StanPoseySunshineHomesRedBayAL-postedDailyBusinessNewsMHProNews

Stan Posey, Sales Manager, Sunshine Homes.

When the National Association of Realtors chief economist says there are more buyers than existing homes available on the market, that should be a huge signal to manufactured and modular home professionals,” said Stan Posey, sales manager at Sunshine Homes of Red Bay, AL.

We build residential style homes that target the site-built customer,” Posey said. “Some of our retailers and communities are doing very well by targeting the site-built customer.”

StanDyeStarHomesCullmanALSunshineHomesRetailerPostedDailyBusinessNewsManufacturedHomeIndustryMHProNews

Stan Dye, Star Homes, Cullman AL. Photo credit, still from Inside MH Road Show video.

For example,” Posey said, “our award-winning retailer, Stan Dye at Star Homes in Cullman, AL told Inside MH recently that about 70% of their buyers first owned a conventional stick-built house.”

Regular MHLivingNews readers and viewers discover that when home shoppers give a good, careful look at today’s residential style manufactured and modular homes, many are saying ‘yes.’

With interest rates rising, and more cities considering or being urged to accept manufactured homes as infill, the manufactured home industry’s opportunities are rising.

This is particularly true with the ‘residential side’ of the industry: homes boasting finished tape and textured models, and other conventional-housing style amenities.

SunshineHomesRedBayALModelHomeExteriorPostedManufacturedHomeDailyBusinessnewsMHProNews

From Sunshine Homes website, provided under fair use guidelines.

Stan Dye told the Inside MH Road Show that residential style homes have a stronger appeal to the site-built buyer, as opposed to the “shade and shelter” or entry-level manufactured housing – that may use vinyl over gypsum (VOG) or painted, but untextured drywall – along with less costly fixtures and finishes.

As the Daily Business News has covered, the Manufactured Housing Association for Regulatory Reform has made similar points, and is calling for a full implementation of the law – notably the Manufactured Housing Improvement Act of 2000 (MHIA 2000) – as a key way to fuel more industry sales to meet the demands of an affordable home-hungry public. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

(Copyright Notice: This and all content on MHProNews and MHLivingNews always have been and are Copyrighted, © 2017 by MHProNews.com a dba of LifeStyle Factory Homes, LLC – All Rights Reserved. No duplication is permitted without specific written permission. Headlines with link-backs are of course ok. A short-quoted clip, with proper attribution and link back to the specific article are also ok – but you must send a notice to iReportMHNewsTips@mhmsm.com of the exact page you’ve placed/posted such a use, once posted.)

Homebuilder Confidence Numbers Show Need for Manufactured Housing

May 18th, 2017 Comments off
NewDatafromNAHBonCashSalesforHomescreditNAHBMPAMagMarletteHomes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Manufactured Housing: a “front and center” solution. Credits: NAHB, MPA Mag, Marlette Homes.

New data from the National Association of Home Builders (NAHB) and Wells Fargo’s Housing Market Index (HMI) showed that homebuilder confidence grew in May to its second highest point since the recession.

The report, which is compiled from a monthly survey that the NAHB has conducted for 30 years, gauges homebuilder sentiment of current single-family homes sales, and expectations over the next six months.

According to HousingWire, homebuilder confidence increased by two points in May, rising to 70, up from 68 in April. In the survey, a number over 50 indicates that most homebuilders in the survey view conditions as good rather than poor.

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Granger McDonald. Credit: Builder Magazine.

This report shows that builders’ optimism in the housing market is solidifying, even as they deal with higher building material costs and shortages of lots and labor,” said NAHB Chairman Granger MacDonald.

As the Daily Business News covered here, the Commerce Department reported that single-family homebuilding market rose 0.4 percent to a pace of 835,000 units in April, with single-family starts growing 19.4 percent in the Midwest and 9.1 percent in the West, while they fell 3.4 percent in the South and tumbled 29.2 percent in the Northeast.

While Granger sees optimism, economists polled by Reuters believe that homebuilders are failing to effectively take advantage of a chronic shortage of properties for sale amid complaints about expensive building materials and shortages of lots and labor.

Overall, two of the three components that make up the HMI increased in May, with the sales expectation component rising four points to 79, and the current sales component rose two points to 76. By comparison, the component that measures buyer traffic dropped to 51.

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Robert Dietz. Credit Twitter.

The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new home market,” said NAHB Chief Economist Robert Dietz.

Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward.”

 

 

 

Increased Demand… But Can It Be Met?

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A Clayton Homes factory. The ability to produce quickly and effectively with proper oversight is key to solving housing challenges. Credit: Clayton Homes.

Comments from Dietz expose a significant challenge for the site built housing industry, where a confluence of cost, labor, timing and demand all meet… and cannot be satisfied quickly enough.

With consumer demand for quality, affordable housing that can be delivered quickly, the manufactured housing industry sits “in the driver’s seat” when it comes to being able to fill that gap.

Even though manufactured and modular homebuilders are also susceptible to crunches at times, one of the numerous advantages of factory building is the ability to recruit and train team members who can work effectively in a production center environment. When combined with the ability to significantly cut down on production time, manufactured housing serves as the ideal solution to inventory and housing challenges.

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Credit: MHLivingNews.

For more on manufactured housing being the solution that’s hiding in plain sight, see MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach’s insight into the opportunity linked here. ##

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

(Copyright Notice: This and all content on MHProNews and MHLivingNews always have been and are Copyrighted, © 2017 by MHProNews.com a dba of LifeStyle Factory Homes, LLC – All Rights Reserved. No duplication is permitted without specific written permission. Headlines with link-backs are of course ok. A short-quoted clip, with proper attribution and link back to the specific article are also ok – but you must send a notice to iReportMHNewsTips@mhmsm.com of the exact page you’ve placed/posted such a use, once posted.)

Major Moves at Tricon Capital Group

April 14th, 2017 Comments off
MajorMovesatTriconCapitalGroupcreditCBSLocal-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: CBS Local.

Big news for Tricon Capital Group Inc. (TCN), as they have announced their acquisition of Silver Bay Realty Trust Corp (NYSE:SBY), an owner and operator of single-family rental homes in the United States for $1.4B.

According to HousingWire, the all cash transaction valued Silver Bay at $21.50 per share, and the deal will create the country’s 4th largest publicly owned single-family rental operator with over 16,800 units nationwide.

The proposed acquisition of Silver Bay is an incredibly exciting and transformational event for Tricon. This acquisition will more than double the size of Tricon American Homes, establishing it as the fourth largest publicly-owned SFR company in the U.S. Silver Bay’s high-quality and well managed portfolio of SFR homes is a natural complement to our TAH assets, in particular given the geographic overlap in the Sun Belt,” said Tricon President and CEO Gary Berman.

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Gary Berman. Credit: Tricon Capital.

We believe that the transaction will result in significant operating and overhead synergies creating immediate value for our shareholders. In conjunction with the Acquisition, we also intend to exit our smaller non-core businesses and take a meaningful step toward simplifying our overall corporate business model by focusing on scale, industry leadership, enhanced disclosure and operational integration across our investment verticals.”

The newly combined company will operate in a total of 18 markets, including six markets with one thousand homes or more.

We have continually evaluated the most prudent way to drive sustainable, long-term capital appreciation and we believe this transaction is the best opportunity to return maximum value to our stockholders,” said Silver Bay CEO Thomas Brock.

Over the past year, we have been making excellent strides in driving efficiency across our operating platform. We closed out the year with the best quarter in our company’s history, which I credit to the dedication and focus of our Silver Bay team.

Our well-crafted portfolio of single family properties and the recent strong performance across our platform will serve as a great complement to Tricon Capital Group Inc.’s business as the single family rental industry continues to evolve and consolidate.”

The deal is expected to close by end of Q2 2017.

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Tricon 1 year look. Credit: Bloomberg.

Insider Action

Tricon Capital Group Director Ira Gluskin purchased 50,000 shares of the company’s stock last month, at an average price of C$10.72 ($8.05 USD) per share for a total transaction of C$536,000.00 ($402,482 USD).

The company has received an overall “buy” rating consensus from analysts, including CIBC, BMO Capital Markets, TD Securities, and Royal Bank of Canada.

Tricon Capital Group is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $3.1 billion USD of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities and multi-family development projects.

For the most recent closing numbers on Tricon Capital Group – and all MH industry-connected tracked stocks – please click here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Billionaire Sees Shipping Containers as Homeless Solution

April 11th, 2017 Comments off
BillionaireSeesShippingContainersasHomelessSolutioncreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Homeless encampment residents watch it being destroyed in San Jose, CA. Credit: Bloomberg.

In the San Francisco Bay Area of California, housing, along with most everything else, is very expensive. In many cities in the region, this disparity creates a toxic combination: an affordable housing crunch and rampant homelessness.

A billionaire in the area believes that the solution lies in repurposing shipping containers.

According to HousingWire, Santa Clara based real estate developer John Sobrato recently unveiled a proposal to build 200 micro apartments for both homeless and low-income renters, utilizing shipping containers, turning them into units between 160 and 240 square feet with kitchenettes and bathrooms with showers.

I think it’s time to turn my attention to creating a very cost-effective solution to housing the homeless and very low-income people,” said Sobrato.

BillionaireSeesShippingContainersasHomelessSolutioncreditForbes-postedtothedailybusinessnewsmhpronewsmhlivingnews

John Sabrato. Credit: Forbes.

Instead of sleeping in a pup tent or under an overpass, Santa Clara homeless folks will have a clean, dignified, safe place to call home.”

Sobrato plans to lease a 2.5-acre plot of city-owned land three miles from the San Francisco 49ers football stadium, which the city acquired in 2005 with the intention of creating affordable housing.

Funding for that plan fell through, and in October of last year Sobrato approached the city with his idea.

Per Bloomberg, Sobrato asked for a 57-year lease at the cost of $1 a year. In return, his group, the Sobrato Organization, would build and own the apartments, then lease them back to Santa Clara County, which would hire property management and homeless service providers.

BillionaireSeesShippingContainersasHomelessSolutioncreditGoogleThePetitionSite-postedtothedailybusinessnewsmhpronewsmhlivingnews

The proposed area for development. Credits: Google, The Petition Site.

The project, called Innovation Place, would be projected to open in 2018, with half of the apartments being rented to the homeless, and the other half being made available to renters earning between 50 and 80 percent of the area’s median income.

 

NIMBY?

While many see Sobrato’s idea as noble, there are those that disagree. An anonymous petition began to circulate shortly after Sobrato presented his plan, and has 852 supporters.

While some may disagree, the numbers show that the need for affordable housing is the state is dire: 17 ballot measures were on the ballot last November dealing with affordable housing.

The Daily Business News has covered a number of potential NIMBY (Not-In-My-Back-Yard) stories recently, where current residents appear to be working to keep manufactured homes or other affordable housing options for communities out.

Most notable is the case in Aiken, South Carolinawhere Councilman Danny Feagin was quoted as saying “As long as it keeps the mobile home parks [sic] out, I think the folks would be satisfied,” in relation to a proposed rezoning ordinance.

For more on shipping containers being used to solve the growing affordable housing crisis around the world, click here. ##

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Emerging Mainstream News Trend? Are Positive Manufactured Home Reports Increasing?

September 27th, 2016 Comments off
bloombergfoxrealtorhousingwiresunshinemanufacturedhomesmanufacturedhomelivingnews

Photo credits, Sunshine Homes – Red Bay AL, by ManufacturedHomes.

As the U.S. population rises, the steady growth of the mainstream housing market probably comes as a surprise to few. What may come as a surprise to veteran HUD Code manufactured housing professionals is that an affordable housing option –– manufactured homes! – has had a suddenly flurry of positive coverage, by mainstream news outlets.

Bloomberg, HousingWire, Realtor and Fox News have all recently published articles that celebrate the wonders of modern manufactured housing.

Bloomberg’s report showed that the average sales price for a new manufactured home could cost close to well less than half the cost of a site-built home.

So why aren’t more aspiring homeowners with a limited budget opting for manufactured homes? What can the industry do to supplement this recent influx of positive mainstream media reports?

Some possible answers to these questions—complete with photos, illustrations and videos – can be found at full story, linked here. ##

(Image credits are as shown above.)

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Joe Dyton, for the Daily Business News, MHProNews.

Submitted by Joe Dyton for the Daily Business News, MHProNews.

Home Sales Take a Tumble in California

August 17th, 2016 Comments off

housingwire credit postedDailyBusinessNewsMHProNewsWhile June home sales in California hit nearly a four-year high, they dropped sharply in July from June, according to housingwire, due to low inventories and decreasing affordability reports the California Association of Realtors (CAR).

Sales of existing single-family detached homes in June hit a seasonally adjusted annual rate (SAAR) of 433,600 (revised), but dropped 4.1 percent in July to a SAAR of 415,840. July’s numbers were down 5.1 percent from July sales 2015 when the SAAR reached 438,230.

Also noteworthy, CAR says the median price of an existing single-family detached house fell by 1.8% in July to $509,830 from $519,410 in June—the report said this is the fourth consecutive month the statewide median price has stayed above $500k– although July’s median price was 3.9 percent higher than the median price in July 2015.

CAR President Pat Zicarelli said, “Even with a shortage of homes on the market, low rates and strong demand have been the norm. Some regions, such as the Bay Area, are seeing an uptick in inventory as high prices are motivating sellers to list their properties for sale. While this could ease the inventory somewhat, supply remains tight, and low affordability is expected to be an issue in the short term.” ##

(Image credit: housingwire–falling prices)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Living in an Owned Home Young Begets Living in an Owned Home Later

August 13th, 2016 Comments off

house_keys_CNNMoney__Joshua_Scott postedDailyBusinessNewsMHPronewsA study by Trulia, based on 40 years of data from the University of Michigan’s Panel Study Income Dynamics, reveals that children who grew up in a home owned by their parents were almost three times as likely to own a home as adults, according to housingwire.

A 40-year-old with annual household income of $100,000 who grew up in a family-owned home is 79 percent likely to become a homeowner, compared to 56 percent for someone in the same position whose parents rented.

Millennials, aged 19-34, may not be so interested in buying a house because more than other generations they grew up in rental homes: Only 53.1 percent of Millennials grew up in owned homes, compared to 58.9 percent of those 35 to 45. As MHProNews understands, at least some of the Millennials were most likely still at home when the housing bubble burst eight years ago, and may have witnessed their parents enduring upside down mortgages, as well as their friends’ parents, creating a possible psychological block.

Further, 11.4 percent of Millennials whose parents were home owners received financial help for a down payment from their parents, as compared to only 2.6 percent of those who grew up in rentals.

FamilyTradition_25YrOldParentsOwnedVsRented-creditTrulia-PostedDailyBusinessNews-MHProNews

Key slides from Trulia study. For related story, see below or click above.

The bottom line is, those who grew up in an owned home, regardless of income, were more likely in all ages and incomes to own a home. To wit, a 25-year-old with a household income of $40,000 only has a 12 percent chance of homeownership if his or her parents rented during childhood. Conversely, this same 25-year-old would have a 29 percent chance of ownership if his or her parents owned.

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Key slide from Trulia study.

Furthermore, a 40-year-old with the same income would have a 28 percent chance of owning a home if they grew up in a rental, as opposed to 53 percent of t hose who grew up in an owned home.

FromTruliapostedDailyBusinessNews-MHProNews-_001

From Trulia’s report, which underscored Donald Trump’s pro-homeownership campaign points, for related story on his address to the NAHB, click here.

Childhood housing status matters less as income and age grow. A 40-year-old with household income of $250,000 would have a 90 percent chance of owning a home if he or she grew up in a rental, and a 96 percent chance if their parents owned their childhood home.  

Trulia’s report also referenced the Harvard University Joint Housing Study on Low Income and Minority Home Ownership, and Wealth-building, to download that report, click here.##

(Editor’s Note: as with numerous Daily Business News reports, this report underscores the value of better informing the public about the value of home ownership and how manufactured homes are a great means of achieving the American Dream, which is the lived mission of ManufacturedHomeLivingNews.com, see this link here.)

(Photo credit: CNNMoney/Joshua Scott, house keys)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to daily Business News.